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WHR Reaffirms Full-Year Guidance

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While the United Kingdom's decision to leave the European Union has created worldwide mayhem for markets since Friday's "Brexit" vote, Whirlpool is taking swift action to offset any negative impact, and is, in fact, reaffirming its corporate full-year guidance projections today.

Whirlpool Corporation Chairman & CEO Jeff Fettig says, "Clearly the 'Brexit' vote has created a number of uncertainties, many that will take some time to play out." He adds, "The U.K. is an important country for us and we plan to continue delivering innovative new products in the U.K. and Europe."

The Benton Harbor-based appliance giant says that the United Kingdom represented approximately 5-percent of the company's global revenues in the 2015 fiscal year, pointing out that most of the company's products sold in the U.K. were produced in other European nations.

Fettig says that Whirlpool regularly performs risk assessments as part of the operational planning cycle and has prepared for either outcome of the vote taken last Friday, June 23rd. In the past, Whirlpool has utilized a variety of approaches to manage volatility, including financial hedging. They plan to execute a previously-announced cost based price increase in the third quarter and expects to continue with strong ongoing cost productivity programs to lower overall costs in the EMEA region. 

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Fettig says, "As we have done in the past in all markets, we are prepared to take swift actions to offset the negative impact to our EMEA operations. We will continue to monitor the situation closely to determine if additional actions may be required."

The company plans to announce second-quarter earnings during the week of July 18th. Based on today's environment and strength of other parts of its global operations, Whirlpool is reaffirming its full-year guidance of GAAP earnings per diluted share of $11.25 to $12.00 and ongoing earnings per share of $14.00 to $14.75. The company also expects to generate cash provided by operating activities of $1,400 to $1,550-million and free cash flow of $700 to $800-million. 

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